Unibail Rodamco: the title takes off, analysts’ opinions

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(CercleFinance.com) – The title soars by more than 17% after the decisions of the Supervisory Board. It met on Friday in the presence of the three new directors elected at the Group’s Combined General Meeting of November 10, 2020 (Mr. Léon Bressler, Ms. Susana Gallardo and Mr. Xavier Niel).

During this meeting, the Supervisory Board took note of the resignation from his mandate as Chairman of Mr. Colin Dyer, who remains a member of the Board. It also records the resignation of Mr. Jacques Stern, Vice-Chairman, and of Ms. Jacqueline Tammenoms Bakker, Ms. Sophie Stabile and Mr. Philippe Collombel.

The Supervisory Board appointed Mr. Léon Bressler as Chairman with immediate effect. He also becomes a member of the Audit Committee. Ms. Susana Gallardo becomes a member of the Governance and Nominations Committee. Mr. Xavier Niel becomes a member of the Compensation Committee.

‘This very rapid announcement is good news because it initially rules out a long struggle within the Supervisory Board and should therefore speed up the development of a new action plan replacing or supplementing the Reset plan (in particular by terms of disposals) indicates Invest Securities.

‘With the arrival at the head of the Supervisory Board of one of the members of the Concert who has not held back his criticism of the strategic choices since the acquisition of the Westfield portfolio, the position of the members of the management board becomes difficult to hold in duration and suggests probable changes at the head of operational management ‘adds the analyst.

Invest Securities last Thursday raised its price target to 78E (against 67E) and confirmed its advice to buy.

Oddo believes that the supervisory board (CS) of Unibail-Rodamco-Westfield (URW) on Friday evening sent a very clear message about the evolution of the group’s governance.

‘No announcement has yet been made about the Management Board but we can expect that its composition & its current form will be discussed soon at the level of the CS’ indicates the analysis office. “We understand from the comments reported by the Journal du Dimanche that the composition of the Directory could change rapidly.”

Oddo believes that the refocusing scenario in Europe initially proposed by the REFOCUS consortium is in his eyes more and more credible with the reorganizations underway at URW.

” This consists of 1 / refocusing the activity of shopping centers around its prime assets in Europe (continental Europe + UK) and 2 / deleveraging the group by selling in an organized manner within the next 24 to 36 months, all of its Westfield assets in the United States‘ specifies the analysis office.

Oddo confirms his opinion to Achat and raises his price target to 70 E (against 47 E). “We believe that the title still offers potential linked to health recovery and strategic refocusing.”

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